Banks set to rebuild trust with watchdog

Paschal Donohoe wants to rebuild trust in the industry after a seies of scandalsLEAH FARRELL/ROLLING NEWS

Paschal Donohoe is to discuss the establishment of an independent banking culture body with the chief executives of the country’s five big lenders.

The finance minister will meet the heads of AIB, Bank of Ireland, Permanent TSB, KBC Ireland and Ulster Bank for next Tuesday to discuss plans first floated at the end of last year. The initiative was proposed last December to rebuild confidence in the industry after the tracker mortgage scandal.

A total of 37,600 borrowers have been caught up in the overcharging scandal. While most impacted customers are understood to have been identified by, the investigation being overseen by the Central Bank of Ireland is continuing. Last week, Bank of Ireland was forced to deny that it was wrongly excluding a further…

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